In September, W. P. Carey completed the $67 million sale-leaseback of three manufacturing facilities across Toronto and Kansas City, Missouri.
Totaling 496,000 square feet, the portfolio is triple-net leased to a leading North American packaging manufacturer.
The company has been a longstanding North American leader in the plastic container industry, holding the top position across several key industry segments. The company’s customer base is diversified across blue-chip food manufacturers.
The portfolio is vital to the company’s operations, representing its entire manufacturing footprint. The company has invested significant capital into new equipment for the facilities, underscoring their criticality.
The assets are located in premier industrial nodes within two high performing markets. Toronto benefits from its position as Canada’s largest urban center, with proximity to major highways, rail lines and the U.S. border. The Greater Toronto Area maintains low vacancy rates and strong absorption, supported by ongoing demand for infill industrial space. Meanwhile, the Kansas City market continues to demonstrate growth, supported by its central U.S. location, access to rail lines and expansive highway network.
